All the assessee whose average turnover is up to Rs 5cr will need to provide an option to file their Form New Option in GSTR 2B & 3B, GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. In this article, we will discuss Update in GSTR-1, 2B & 3B Forms.
Update in GSTR-1, 2B & 3B Forms
All the businesses whose average turnover is up to Rs 5cr will require to furnish an option to file their Form GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on quarterly grounds.
They have an intention to provide B2B invoice data in the Invoice furnishing facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter so to pass on the credit, in which the left invoices are desired to observe in the quarterly Form GSTR-1 of Month 3 (e.g. March).
New Option in GSTR 2B & 3B Forms Available Under QRMP Policy
The latest specification concern towards providing with the statement or returns through the assessee beneath QRMP scheme is available for Jan-Mar., quarter 2021, and is available for them and are clarified below:
Auto Generates of GSTR-2B, for QRMP Scheme
Form GSTR-2B possesses evidence of filed IFFs (for Month M1 or M2) and filed Form GSTR 1 (for Month M3)
Form GSTR 2B consider ists of 2 sections of ITC that is ITC open and ITC not opened (that generates from the suppliers filed IFF) and Form GSTR-1 imports etc). It certainly comprises of tax liability of the assessee ( which generates from the assessee’s own filed IFF and Form GSTR-1.
The assessee can detect and download their system created quarterly Form GSTR-2B for Jan-March 2021 quarter through dabbing on Auto-drafted ITC statement for the quarter on 14th April 2021, by opting the last month of the quarter (M3)
Auto-population of ITC in GST Return 3B for QRMP Policy
The numbers of ITC current & ITC to be modified will now be auto-populated in Table 4 of GSTR-3B, towards the QRMP assessee, via a system-generated quarterly Form GSTR3B
Upon the GSTR-3B dashboard page, the other button ‘System calculated GSTR-3B’ is provided through tapping in which the system calculated Form GSTR-3B can be downloaded inside the PDF form. The assessee can edit the auto-drafted values according to the documents and save the new evidence. If the ITC began is extended by more than 5% or ITC to be reversed is reduced then the system will provoke the warning message.